gotta make a jig to hold the round shaft steady and in a repeatable manner while you present the point end to the machine or the hand tool.  You looking to do 2 wing or 4?  I have a jig I made for 4 wing foots - - if you like I can snap a pic tonite.  Let me know.     I have not done it, but I would think 2 wing would be much easier.  Very labor intensive process, but you know that already.  
with my jig, 4 wing cuts get made on the shaft either with a router table or a drill press with a router bit (I use the DP).  4 cuts per shaft.  The footing (beginning as a square cross section) gets cut on a band saw or by hand saw, glued to the shaft, and then reduced to match the shaft diameter.  
I think, if I were doing 2 wing cuts on shafts, the tool of choice would be some kind of upright sander. 
Russ